Egypt paid back $406 million in debt to the African Export-Import Bank (Afreximbank) in May, the Central Bank of Egypt announced.

According to an official statement, the CBE said it has repaid the debt to Afreximbank amid its foreign reserves jumping to record levels.

Egypt's external debt jumped to $96.6 billion by the end of December 2018, compared to $82.88 billion by the end of December 2017, a 16.5 percent increase.

Egypt’s net foreign reserves stood at $44.218 billion at the end of April, up from $44.11 billion at the end of March.

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